CommBank sets pace with online car loan approvals

6 June 2008

The Commonwealth Bank today launched a new online car finance feature that speeds up the process of buying a car for business customers by giving a conditional decision within 10 minutes.

The new technology simplifies car finance applications, offering businesses accurate car finance quotes for new cars and demonstrators no more than 12 months old.

Andrew Watson, General Manager of Asset Finance said, "Our aim is to make the purchasing of a new or used car quick and easy. With that in mind we are the first bank to offer our business customers access to an online tool for car finance applications."

"With this leading edge technology our customers will see increased efficiency and quicker response times firmly placing us at the front of the pack in terms of online credit approvals," he added.

The simple online application also provides an Australian first by delivering an automatic credit check with the Veda credit bureau.

Our new service provides quotes and conditional approvals on loans (Hire Purchase, Equipment Finance and Finance and Novated Leases) from $15,000 to $100,000 for new cars sourced from franchised motor dealers. Customers have 24 hour access available anywhere there is an internet connection.

The Commonwealth Bank has continued to focus on building its asset finance operations and the new online feature follows recent announcements of a new partnership with technology asset finance provider equigroup, and the opening of a new car finance and insurance centre of excellence in Parramatta.